300 miles a week, 30 miles a gallon, the releases from the SPR saved you $3.10 at most. That's less than a dozen eggs or something (I don't pay attention to those prices either).
Make an argument that depleting the SPR wasn't completely self serving and stupid.
Oil price is inversely related to economic performance. When prices rise, growth slows. The entire economy - not just the price at the pump - suffers. People lose jobs.
The whole purpose of the SPR is to provide insurance against price shocks. It is insurance for the economy.
Of course it should be tapped into during supply interruptions. That's its whole reason for existence.
The SPR is not even close to big enough to do what you say it should. And we can see the results, twice. This isn't a hypothetical, prof.
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....they at least make a contribution to the deficit. But I suspect they are always selling low and then buying high again to replenish.
It has most often become political tool to influence prices on a very short term basis for the person in power. As mentioned, the amount released is just not significant for more than that.
I would be curious to see how many releases happened in non election years.
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Only deplete the SPR if there is a declaration of war. That would require an act of Congress, and assure that we were truly facing a threat that the SPR was intended to handle (or should be intended to handle). Economic situations and other non-war events, including non-war military interventions, should not rely on the SPR.
at the wrong windmill...read the linked bipartisan explanation for having an SPR...just as other countries do.
Link: https://bipartisanpolicy.org/explainer/how-the-u-s-strategic-petroleum-reserve-works/
It's not there to help during world war three. It is there to provide temporary relief from price shocks.
That's it.
Since 2015, Congress has authorized sales of oil from the SPR to fund our deficit spending. Almost 20% was sold for that purpose, above and beyond other relaseses. WTF?!
Biden released 45%, taking the SPR to a 40 year low. But, now we are hearing that Trump's release is taking us even lower. Both sides are very wrong in this, IMO.
Both presidents were 100% right to tap into it. That is why it was created.
You might want it to be used for other purposes (as if we would need it during world war 3 or something), but you are not talking about current reality.
You seem to think that "WW3" is the only way we will have a war, and that it will just be a simple exchange of nuclear missiles with Russia. That seems incredibly naive.
Back to our discussion: Yes, I do have a more conservative view, just like I think we should cut spending to reduce our debt. Crazy idea, I know. You can sit here and blame the Right for our deficit spending, and others can blame the Left. I blame both. I guess that is "not talking about current reality" in your view, so it is just a waste of time. In that case, the Republic is doomed. Granted, you may be right on that. Neither side seems to want to fix our spending problem.
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The world consumes 105M barrels a day, so the release of 180M by Biden and 172M by Trump is a drop in the barrel.
College professors think this saved us from catastrophe.
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little research before posting...you'll get a number of sources that answer your query...here's an AI summary.
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AI Overview
Global Strategic Petroleum Reserve (SPR) releases stabilize soaring fuel prices during an emergency, protecting jobs in energy-intensive and consumer-facing sectors by preventing severe inflation and sudden economic slowdowns.
Transportation and LogisticsTruck drivers and delivery couriers: Diesel and gasoline price spikes instantly raise the cost of moving goods. Keeping fuel affordable prevents shipping companies from cutting routes or laying off drivers.
Freight and rail operators: Lower energy costs keep cargo moving smoothly without forcing companies to implement emergency surcharges that crush business activity.
Agriculture and Food SupplyFarmers and agricultural workers: Modern farming relies heavily on diesel for tractors and petroleum-based chemical fertilizers. Stabilizing oil prices keeps food production and transport affordable, protecting agricultural jobs and grocery supply chains.
Aviation and TourismAirline crews and airport staff: Jet fuel is one of an airline's biggest expenses. When fuel prices skyrocket, airlines cancel flights and lay off pilots, flight attendants, and ground personnel.
Hospitality and hotel workers: Affordable fuel keeps airfares and road travel reasonable, supporting tourism, hotels, restaurants, and local entertainment venues.
Manufacturing and IndustryFactory and assembly line workers: High energy costs make it expensive to run machinery and produce goods. SPR interventions help manufacturers maintain profit margins rather than freezing hiring or shutting down plants.
Chemical and plastics workers: Crude oil is a direct raw material (feedstock) for plastics, rubber, and various chemicals. Stabilizing crude prices protects jobs in these specialized supply chains.
Retail and Local ServicesRetail associates and service staff: When everyday consumers spend a massive share of their paychecks on high gas and utility bills, they stop buying other goods. Lowering fuel price shocks preserves overall consumer spending, keeping local shops and restaurants staffed.
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Also I'll save you the trouble of posting this.
Link: https://youtu.be/qOC7hA1famw?si=gMKGP27_vA6IFGuW
:)
Consent Management